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12/12/23
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Komar Desert Center a retail center consisting of multiple pad retail buildings shadow-anchored by the only Costco in La Quinta, traded hands in a recent transaction worth $26.4 mil. It was acquired by a private capital investor, completing a 1031 exchange.
The deal was brokered by CBRE’s Newport Beach Retail Investment Team. Led by Phil Voorhees, the Newport Beach team has closed 1,000 retail investment sale transactions, including 359 anchored shopping centers, 267 strip shopping centers, 356 single-tenant-net-leased (STNL) investments, and a variety of other retail properties, totaling nearly $14.8 bil in value and encompassing over 75 msf throughout the west.
Since 2012, the Retail Investment Team achieved an average of 97% of the list price on 581 closed transactions, amounting to nearly $8.8 bil. The team totals 19 members.
With its 1,000th successful transaction completed, Voorhees is stepping down from CBRE’s National Retail Partners platform to focus on private capital assets and clients, and personal investments. Voorhees and his longtime partner, John Read, will co-lead the private capital team and expand throughout the region.
Jimmy Slusher will assume leadership of the Newport Beach National Retail Partners team, concentrating on institutional clients and premier retail assets. The Newport Beach NRP team is part of CBRE’s National Retail Partners platform, a national group covering every region around the country advising real estate investment trusts (REITs), operators, developers and pension fund clients, the institutional cohort targeting larger format retail investments.
Going forward, Slusher will lead National Retail Partner’s efforts in the region while Voorhees and Read will handle private client opportunities. The two separate teams will be positioned to service a wide variety of retail investment matters across the region.
The teams continue to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, the teams consist of specialists with institutional and private client relationships that leverage institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.
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